1、 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.1Maximizing Digital Banking EngagementMaximizing Digital Banking EngagementAUGUST 2022 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.2Maximizing Digital Banking EngagementThe battle for customer loyalty will be won and lost

2、 by financial institutions based on the strength of their ability to deliver personalized and contextualized customer experiences through higher levels of engagement.Jim MarousOwner and CEO Digital Banking Report Host,Banking Transformed Podcast 2022 Qorus and EdgeVerve Systems Limited.All rights re

3、served.3Maximizing Digital Banking EngagementPreface Customer Engagement is Now Crucial Attracting the customer,continual customer engagement and relationship loyalty is the ultimate challenge for todays financial institutions.Relevance is now the key word.Roberto FerrariCustomer expectations are be

4、coming increasingly high.They expect financial institutions to know them.What are their spending habits?What products do they need?How do customers want to interact with their financial institutions.And so on.Furthermore,competition is coming from all sides.It is coming from start-ups and from big t

5、ech who are much more natively capable to use data and provide contextual interactions with their clients.The 2022 Digital Banking Report on digital engagement is aimed at digging into this.It shows how customer engagement is getting crucial and how data and smart value exchanges are reshaping the f

6、oundations of the relationship between banks and customers.Are banks truly aware of the key challenges?Are they ready to change?How quickly are they moving?What are customer expectations?How much have expectations changed since the pandemic?The 2022 Maximizing Digital Banking Engagement report helps

7、 to get a global view on these questions,providing you(without any doubt)a significant roadmap with plenty of insights.Theres not much time left,as customers are changing fast,adapting to new digital opportunities much faster than incumbent banks themselves.It is clear from the research that persona

8、lized and contextual offerings and interactions are what customers are looking for.2022 Qorus and EdgeVerve Systems Limited.All rights reserved.4Maximizing Digital Banking EngagementAs time goes on,it will become more and more important for financial institutions to stay relevant and maintain“custom

9、ers top of mind”preferences.The truth being revealed is that traditional and historical customer inertia is no longer assured as new data-driven competition enters the market.Competitive and regulatory barriers may be eliminated,with the rise of open banking and its technological foundations.The clo

10、ud,APIs,and software as a service(SAS)may fuel new solutions which are more capable to match new customer expectations.This is a new paradigm.It is based on data,seamless multichannel orchestration,openness,cloud-based infrastructure,and above all,a new customer-centric culture that gets to the best

11、 ARPU(average revenue per user)as a result of the highest NPS and engagement levels.The question is Will banks reinvent themselves in time?Roberto FerrariDigital Reinvention Community LeaderQorus 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.5Maximizing Digital Banking EngagementPrefa

12、ce|3|Letter from Jim Marous|6|Message from Infosys Finacle|9|Key Research Questions and Takeaways|12|Executive Summary:The Ultimate Digital Banking Customer Engagement Playbook|13|Section 1:Understanding Customer Expectations|21|Section 2:Core Capabilities to Succeed in Digital Engagement People,Pro

13、cess and Tech|30|Section 3:Customer Engagement Across Lifecycle|38|Section 4:Use of Data and Analytics to Achieve Results|45|Section 5:Superior Channel Engagement|52|Section 6:Measuring Success|59|Final Thoughts:Moving Towards a Holistic Model of Engagement|63|About the Research|66|About Us|69|About

14、 the Author|70|Contents 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.6Maximizing Digital Banking EngagementFor financial institutions,the accumulation of customer data empowers them to improve both the personalization and contextualization of content,creative,offers and overall exper

15、iences delivered.Done well,this higher level of personalization can improve satisfaction and engagement,providing a stronger value proposition that can positively impact loyalty and financial results.According to Merkles most recent Customer Engagement Report,86 percent of consumers prefer to receiv

16、e offers that are personalized to their interests and browsing history.That said,only slightly more than half of consumers are willing to accept cookies as a matter of course,emphasizing the importance of developing a strategy to earn the trust of customers regarding the use of data and insights.Our

17、 research shows that leading financial institutions are moving quickly to build a competitive advantage around the collection and use of data for delivering stronger value exchanges across the customer lifecycle.This includes real-time alerts,customized offers,relevant content,and a customer-centric

18、 approach that de-emphasizes traditional product sales models.The process of customer engagement begins before the first sale is made and extends across the life of a relationship.Therefore,a financial institution must immediately illustrate a commitment to use collected data responsibly and for the

19、 ultimate financial wellness of the consumer.Each opportunity for a smart value exchange increases the willingness of the customer to share more data,providing the potential for a stronger relationship for both the financial institution and the customer.Building a foundation for stronger customer en

20、gagement requires the development of goals and strategies around what data will be collected,what the consumer will receive in exchange for sharing their data,and how the value exchange will be delivered,Banks and credit unions should also build early use cases that allow for incremental wins that p

21、rovide learnings to grow on.Letter from the AuthorJim Marous 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.7Maximizing Digital Banking EngagementFinally,there will need to be an investment in a modern data platform that will serve as the organizations central data repository where all

22、 consumer,marketing and intelligence data is unified.This will often be built on a cloud-based architecture that enables speed,scalability and uniform deployment.The Maximizing Digital Banking Engagement report is published in association with Infosys Finacle and Qorus.This is an expansion on the In

23、novation in Retail Banking report published last fall that provided a springboard for this research.As financial institutions begin to realize that simply providing a good experience is not enough,the learnings from this report will become instrumental in building a better opportunity for customer e

24、ngagement required for the future.Jim MarousOwner and CEO Digital Banking ReportHost,Banking Transformed Podcast 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.8Maximizing Digital Banking Engagementu Timely Insightsu Exceptional Valueu Digital Accessu Over 200 Reportsu Over 6,000 Chart

25、su Published by Jim MarousThe banking industrys leading source for research with actionable insights.2022 Digital Banking Report.All rights reserved.Order your subscription to the Digital Banking Report and receive our latest reports for less than$295 an issue.In addition,you will receive copies of

26、our client white papers from Banking Transformed our weekly podcast.Dont miss this valuable opportunity!SUBSCRIBE TODAYUPCOMING ISSUES Building Money Moments in Banking Innovation in Retail Banking 2021 The Future of Bank Marketing 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.9Maximi

27、zing Digital Banking EngagementMessage from Infosys FinacleSanat RaoIt gives me great pleasure to present the Maximizing Digital Banking Engagement-2022 study.More than two years ago,when the pandemic plunged the world into turmoil,among other measures,we turned to digital technology for ways to cop

28、e.Enterprises,including banks,accelerated their digital transformation plans,while consumers took to digital channels to keep both professional and personal life going.As bank customers flocked to online channels,they came with expectations of frictionless service and experience,similar to what was

29、offered by new-age providers,such as tech giants,e-commerce platforms,and upstart fintech rivals.For incumbent financial institutions,digital engagement became an urgent priority overnight.As Infosys Finacle worked with banking clients to improve digital engagement,the value of under-standing and tr

30、acking the developments in this area became abundantly clear.In Spring of 2022,we commissioned a study with the Digital Banking Report and Qorus to explore key opportunities and benefits in maximizing digital engagements across the customer lifecycle journey.The findings of the inaugural edition,wit

31、h responses from banking executives across the globe,are captured in this report.Digital engagement requires a holistic approach to experience management that puts the customer at the center of every interaction,anticipates customer needs,and fulfils them equally well on all channels and devices.Fro

32、m an operational standpoint,the approach requires banks to orchestrate the right mix of core elements,namely,people,process and technology,across the customer engagement lifecycle.For example,in order to provide a one-stop digital service experience,banks need to equip front-line staff to handle a v

33、ariety of situations.About half the banks surveyed say they are building broader skill sets,and empowering employees with real-time insights so they can take informed decisions and engage better with customers.An overwhelming majority of respondents are of the view that technol-ogies,such as Cloud,A

34、rtificial Intelligence,Machine Learning,Robotic Process Automation,Chatbots etc.,would be crucial to enabling employee-customer interactions for years to come.Importantly,the study reveals that banks realize the need for enhancing digital engagement across 2022 Qorus and EdgeVerve Systems Limited.Al

35、l rights reserved.10Maximizing Digital Banking Engagementthe customer lifecycle.As they strive to onboard,converse,serve and sell better on digital channels,(59 percent)banks believe that the ease of opening an account,taking a loan,or using a service,will matter utmost to customers.90 percent of re

36、spondents feel digital marketing will be the most important customer acquisition channel over the next three years.71 percent have plans of“smart selling”deploying personalized campaigns on digital channels.Omnichannel,which is about making the same services available consistently and seamlessly on

37、all channels,both bank-owned and third-party,is the heart of strong digital engagement.Hence building a robust omnichannel banking platform is the next logical step.While banks have strong contemporary channels,such as online and mobile banking,their emerging and transformative channels,such as chat

38、bots or social,are a work in progress.These need to be ramped up in the near future to compete effectively against new-age digital players.An interesting finding is that the trend of digital engagement is throwing up new satisfaction metrics,such as products per customer(named by 70 percent of respo

39、ndents),active customer volumes by channel(67 percent),app ratings and user comments(64 percent),and social listening(61 percent).In addition to insights like these,the report features the“Golden Engagement Circle”,a holistic model of customer engagement encompassing the different layers of organiza

40、tional maturity.The model envisages putting people,processes and technology at the center to improve banks ability to sell,onboard,converse and serve.Seamless integration across channels and platforms further enhances engagement.Readers of this Digital Engagement report may find the survey results a

41、nd the Golden Engagement Circle framework useful to benchmark their progress versus peers and take corrective measures where necessary.As always,we look forward to your feedback on this latest initiative from Infosys Finacle.Happy reading.Sanat RaoChief Business Officer Global Head Infosys Finacle 2

42、022 Qorus and EdgeVerve Systems Limited.All rights reserved.1 1Maximizing Digital Banking Engagement 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.12Maximizing Digital Banking EngagementQuestions:What is the difference between customer experience and customer engagement?What are the b

43、enefits of customer engagement?How does a financial institution build greater engagement?What is the current level of digital engagement maturity in banking?What are the biggest digital engagement challenges?What channels are best for driving digital customer engagement?What are customer expectation

44、s around digital engagement in banking?How important is speed to market with a digital engagement strategy?Takeaways:Creating greater levels of customer engagement goes beyond feeling good about a brand to interacting with a brand regularly.Customers who regularly interact with a brand have higher l

45、evels of product ownership,revenues,&loyalty.Higher levels of engagement are directly tied to the ability of an institution to use data&insights to drive personalized&contextual interactions at scale in real time.Digital engagement maturity remains low in the banking industry at a time when customer

46、 expectations are increasing exponentially.The biggest challenge for firms undertaking a digital engagement strategy is the delivery of contextual interactions at scale using data and analytics.The combination of email,texts,web design and content marketing have the greatest impact on digital engage

47、ment.Customers expect their financial institution to know them,understand them,and reward them with real-time offers and recommendations that will improve their financial wellness.One of the biggest threats to financial institutions is that consumers are expanding their financial relationships acros

48、s more non-traditional financial institutions Reducing their loyalty without closing accounts.Key Research Questions and TakeawaysExecutive Summary13 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.14Maximizing Digital Banking EngagementThe Ultimate Digital Customer Engagement PlaybookC

49、onsumers are increasingly abandoning banking brands that dont understand their needs and fail to provide personalized recommendations in real-time.Creating engaging banking experiences across the entire customer journey leveraging every channel is now an imperative.Moving from a transactional mindse

50、t to an engagement mindset has become a crucial capability in banking.It doesnt matter if the customer is a digital native,branch-based customer or a combination,the ability to provide contextual products,services,and recommendations is the foundation of devel-oping a stronger relationship and great

51、er revenues.Building active engagement on a frequent basis beyond rudimentary transactions requires more than traditional personalization.In fact,our research found that financial institutions that excel at building interactions beyond daily transactions generate more revenue from those activities t

52、han average players.This is accomplished by creating offerings,content,and communications to the right customer at the right time with the right interaction.The urgency to create increased customer engagement has never been greater.According to McKinsey,“The surge in digital interactions since the o

53、nset of the pandemic escalated expectations giving consumers more exposure to the personalization practices of e-commerce leaders and raising the bar for everyone else.”Organizations like Amazon,Netflix,Apple,and a multitude of other firms have made personalized engagement the default standard for r

54、elationship growth.“Too many banks are still heavily focusing on their core offerings accounts and card-based payment services,while digital engagement maturity remains low.As customers expectations are increasing exponentially,moving to an engagement mindset has become a critical capability in the

55、banking industry.Higher levels of engagement are directly tied to their ability to collect and analyze data,identify what customers want,and use these insights to automate interactions and create personalized omnichannel banking experiences.”John Berry,CEO of Qorus.Maximizing Digital Banking Engagem

56、ent15 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.Chart 1:Most Banks Not Ready for New Digital Banking RealitiesSource:Finacle August 2022 Qorus&Infosys FinacleChannel SilosInconsistent customer journeysMultiple Technology StacksHigh total cost of ownership and maintenanceClosed IT

57、SystemsHindering open banking shiftsNot Ready for Cloud AdoptionHindering speed of innovation and increase TCOLow AutomationHigher cost of operationsData and Analytical FrictionInability to anticipate cus-tomer needsThe Benefits of Banking Customer EngagementMany financial institutions confuse custo

58、mer experience with customer engagement.Customer experience is the perception that your customers have based on everything they see,hear,or learn about your company.Alternatively,customer engagement is the process of interacting with your customers across all channels to strengthen the overall relat

59、ionship.Both the customer experience and the engagement process begins before an account is opened and continues through the entire customer journey.To build a more positive experience,banks and credit unions can engage with customers on a per-sonalized basis via direct mail,email,social media,mobil

60、e banking platforms,websites,or any other 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.16Maximizing Digital Banking Engagement Chart 2:The Benefits of Personalized and Proactive Engagement are Understood by BankersNew revenue channels61%Expand revenue in traditional channels58%Enhanc

61、e emotional connection59%Increase profit margins53%Customer retention66%Expand customer wallet share35%68%Customer acquisitionSource:NTT Data August 2022 Qorus&Infosys Finaclechannel where contextual interactions occur.The power of new technologies and digital tools assists in the most important com

62、ponent of customer engagement listening.From monitoring transactions and customer inquiries,to asking for insights into financial goals,listening builds rapport and enables an organization to provide a personalized solution.The goal of customer engagement is to offer customers something of value bey

63、ond your products and services.While products may attract customers initially,a differentiated contextual engagement is what keeps them around.A study by Gallup discovered that when companies successfully engaged customers,they reported 63%lower customer attrition,55%higher wallet share,and overall

64、performed 23%better than their competitors.The relevancy of the engagement process is what makes customers engage with your brand.The level of engagement results in an improved customer experience.According to NTT Data,improved engagement and enhanced experiences provide acquisition and retention be

65、nefits as well as uncover cross-sell and up-sell opportunities at a rate that is at least 3x to 10 x greater than pure prospecting.And,instead of building a product-based marketing cycle,the customer is being served at the time of need.2022 Qorus and EdgeVerve Systems Limited.All rights reserved.17M

66、aximizing Digital Banking Engagement 83%AI is creating new ways to differentiate offerings and win customers,driven by access to uniques data sets.82%AI is a critical part of our strategy to attract and retain customers.81%AI is a driving shift in how financial institutions should retain and attract

67、 customers.What bankers think about Artificial Intelligence:Chart 3:Bankers Understand the Power of AI for Customer EngagementSource:NTT Data August 2022 Qorus&Infosys FinacleUsing Technology to Drive Banking Customer EngagementTechnology is the engine that makes customer engagement possible.Custome

68、r data is the fuel for that engine.Modern engagement platforms use AI-driven tools as well as internal and external data to automate interactions.Creating a personalized experience that encourages a prospect to open an account and a customer to expand a relationship.The beauty of combining data,adva

69、nced analytics and modern communication platforms is that you can anticipate needs,create custom responses to inquiries at scale,build new products and services for micro segments,and re-target potential customers in real-time.By building a seamless,streamlined communications cycle,teams can focus o

70、n innovation,custom outreach,and learning from previous communication efforts.A data-driven approach to engagement goes beyond the power of simple incentives and special offers to provide relevant content that customers value.As customers become more familiar with your highly personalized communicat

71、ion process,they will often go to your brand before others for future needs.If your content provides value(from the customers perspective),there is a much higher toler-ance for increased quantities of communication.This equates to more opportunities.Strategies for Successful Banking Customer Engagem

72、entCustomer engagement strategies in banking will work if they involve all areas of the organization(as opposed to just marketing).Creating an exceptional customer experience using powerful engagement strategies expands across the entire customer journey,using all channels and every department of yo

73、ur organization.2022 Qorus and EdgeVerve Systems Limited.All rights reserved.18Maximizing Digital Banking EngagementThe insights from our research show that many banks are not prepared to create effective customer engagement.Most react to evolving customer expectations with ad-hoc fixes focused on c

74、ustomer experience.Such peripheral tactics are expedient,but do not deliver the full impact of digital transformation.In fact,they often end up creating problems such as:Channel silos leading to fragmented,inconsistent customer journeys Closed systems that are not open banking friendly Analytical fr

75、iction preventing banks from anticipating and serving customer needs Application silos that duplicate both technology stacks and costsBanks need to break these silos with a holistic approach to customer engagement and experience management that puts customers at the center of every interaction,antic

76、ipates customer needs,and fulfils needs equally well on all channels and devices.The key strategies and tactics to include in your digital banking engagement play-book include:Know your destination.As with any initiative,you cant reach your goal if you havent defined your destination.What will custo

77、mer engagement look and feel like in your organization?What components can be implemented today,and which may have to wait?Will your engagement strategy include proactive recommendations based on data and AI?Will your organization build content that is accessible on demand?How will your employees be

78、 involved?Engage your employees.Identify who in your organization will have a role in engaging custom-ers and get their collaborative buy-in.This will help avoid any reservations around the process and help build a comprehensive strategy that engages the customer across channels and throughout the c

79、ustomer journey.Identify your target audiences.Identify who you will be targeting for communication.Will you focus on only a single segment of customers,or your entire base?Once your target audience is selected,you need to understand the preferred engagement styles of sub-segments.For instance,who h

80、as shown a preference towards digital communication as opposed to in-branch engage-ment?Also,identify the financial needs of your target customer and what motivates their decisions.Build content.Create content and a communication flow that is customer-driven.Make the con-tent personal to the target

81、audience and reflective of the insights you know about them.Provide solutions to the specific target audiences pain points and measure the impact of your communi-cation.Make recommendations based on past purchases or search history.Dont be afraid to ask for customer insights at the beginning of the

82、experience,using this insight to delight the customer as soon as possible.Utilize modern technology.As soon as possible,leverage the most appropriate automation and communication tools that can allow you to simplify an increasingly complex engagement process and track results.Measure results on a ma

83、cro and micro basis.Monitor the success of your activities against 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.19Maximizing Digital Banking Engagement INTERVENE AND PREVENT purchases to help me stay on budget and reach my financial goals.39%ACT as a conscientious advisor(voice of re

84、ason)on major overall spending decisions.46%CONNECT the dots between my income,expenses,and savings providing proactive guidance to help me reach my financial goals.47%ANTICIPATE products and services that I might need and be interested in.49%PROACTIVELY send me reminders on upcoming major payments

85、tuition,mortgage,auto loans,etc.53%Source:NTT Data August 2022 Qorus&Infosys FinacleChart 4:Consumers Want Intelligent Engagement from their Bankthe original goals and on a campaign basis.Gather feedback from internal teams as well as any third-party providers you have engaged in the process.Also ga

86、ther feedback from the customers you targeted to determine what worked and what didnt.Just monitoring sales results is not enough given the longer-term nature of engagement communication.Modify tactics and strategies in real-time.The technology and tools available for a customer engagement process c

87、an provide immediate feedback on results.Leverage this feedback as it becomes available as opposed to waiting a month,a quarter,or a year in the future.The Future of Digital Banking Customer EngagementTo acquire,convert and retain customers and turn them into advocates you need to engage them across

88、 channels and over time at every opportunity that creates value for your customers.The objective is to connect with your target audience in an appropriate,effective and meaningful way.Successful banking customer engagement doesnt eliminate the need for strong branding it relies on it.While new techn

89、ology and marketing communication tools can make the customer engagement process easier and scalable,it is also important to create a brand personality that customers will love getting to know and want to engage with.This brand personality must be evident in each communication.2022 Qorus and EdgeVer

90、ve Systems Limited.All rights reserved.20Maximizing Digital Banking EngagementEngaging with customers effectively sometimes means sending timely push notifications that require action and provide value.This very powerful communication tactic requires customers to subscribe for these notifications.By

91、 opting-in to receive these messages,they are already choosing to engage with your brand.There are more ways than ever to engage with customers today.This means lots of opportunities for your financial institution to capture your customers attention and get them engaged.It also means that your compe

92、titors have the same opportunities.Whatever engagement strategies you employ,you must be consistent and ongoing through the brand journey.1Understanding Customer Expectations2122Maximizing Digital Banking Engagement 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.Understanding Customer

93、ExpectationsHaving a friendly staff,convenient locations,and an easy to navigate digital app is no longer enough to satisfy banking customers.Todays consumers want their bank and credit union to personalize communication and recommendations that can help them save time and money and provide guidance

94、 for improved financial wellness.Consumers are becoming increasingly dissatisfied with the level of support they are receiving from their financial institution around achieving financial wellness on a personalized level,according to the J.D.Power 2022 U.S.Retail Banking Satisfaction Study.Beyond hel

95、ping save time and money,consumers expect their financial institution to provide personalized advice,hands-on help with problem resolu-tion,and guidance on how to grow their money,states the report.The challenge in meeting customer expectations was found to be even more acute with digital-centric cu

96、stomers.These customers represent 48%of the total retail banking customer base and have a significantly lower satisfaction score than branch-dependent customers.According to J.D.Power,digital-centric customers are significantly less likely to feel that they have a personal relationship with their ba

97、nk and are less likely to reuse their bank for additional products.“A customers definition of what support from their retail bank looks like is changing rapidly as we enter a new economic cycle and move further along the digital adoption curve.”Jennifer White,J.D.PowerAs shown on the next page,its n

98、o longer predominately about being fast,efficient,or convenient.The pre-eminent performance metric with the biggest influence on customer satisfaction is supporting 22 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.23Maximizing Digital Banking Engagementcustomer during challenging time

99、s,and that means customers are expecting a personalized mix of financial advice,hands-on help with problem resolution and guidance on how to grow their money.Failing to provide the level of engagement desired(the industry meet rate)will have a negative impact on trust and retention at a time when th

100、e competition for retail banking relationships has never been more intense.Chart 5:Significant Gap Exists in Banking Performance vs Satisfaction KPIsKey Performance Indicators Overall SatisfactionKPI ImpactIndustry MeetRateCompletely supports me in challenging times+155*44%Extremely easy to get the

101、phone help I wanted+54*19%Extremely easy to review recent banking transactions+5450%I have never had a problem+49*43%Extremely easy to deposit a check+4451%Strongly agree bank enables me to make purchases/move money safely+43*28%Strongly agree debit card is safe and secure to use+42*37%Information p

102、rovided is specifically tailored to meet my needs+3870%Strongly agree the bank helps me to manage my spending or budget+38*10%Strongly agree the bank enables me to grow my money+35*12%Phone rep genuinely thanked me for my business+3461%Branch rep genuinely thanked me for my business+3360%Most recent

103、 problem was resolved+3182%*Opportunity-Seven of the KPIs have a“meet rate”less than 50%.Source:J.D.Power August 2022 Qorus&Infosys FinacleConsumers Want Personalized Help Reaching GoalsAcross the seven factors that drive overall satisfaction,J.D.Power found that helping save time or money received

104、the lowest score(582 out of 1,000).Even though this component of satisfaction is a lower-weighted factor,when combined with other factors,such as resolving problems and offering 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.24Maximizing Digital Banking Engagement Chart 6:Consumers Lea

105、st Satisfied with Banks Helping Them Reach GoalsBanking Industry Satisfaction Overview 1,000-point scaleOverall satisfaction64718%WeightPeople66818%WeightDigital channels66613%WeightLevel of trust66421%WeightBanking how and when I want65814%WeightAccount offerings meet needs63113%WeightResolving pro

106、blems5998%WeightHelping save time and money58213%WeightSource:J.D.Power August 2022 Qorus&Infosys Finaclepersonalized solutions,there is an opportunity for banks to differentiate themselves by focusing on consumer needs as opposed to simply selling services.2022 Qorus and EdgeVerve Systems Limited.A

107、ll rights reserved.25Maximizing Digital Banking EngagementPre-boomers/BoomersGen XGen YGen ZHelp you avoid fees40%46%*50%*50%Send you account alerts34%37%39%*45%Inform you when a different offering would be a better fit31%*36%34%30%Only send offers/promotions that are relevant to you31%32%*37%30%Off

108、er ways to save money,based on your habits17%26%*38%43%Branch tellers who know your name*16%14%12%12%Periodically call to review your accounts/needs10%12%14%14%*Significant business opportunityChart 7:Consumers Want Personalized SolutionsSource:J.D.Power August 2022 Qorus&Infosys FinacleWhen consume

109、rs were asked how they would like their bank to personalize their banking engagement,the top responses were related to advice and alerts,including alerts that could help avoid fees.Customer data-driven digital engagement(SMS texts,mobile banking messages and online banking warnings)provides the most

110、 common ways to achieve this level of targeted messaging.As shown below J.D.Power found that different customer segments desire different types of personalized messages,ranging from ways to save money,to contextual offers,to just knowing the customers name.2022 Qorus and EdgeVerve Systems Limited.Al

111、l rights reserved.26Maximizing Digital Banking EngagementFinancial Institutions Understand the Need for Customer EngagementIt is clear that customers expect more from their financial institutions.They want their banks and credit unions to go beyond knowing their name and account number,to actually h

112、elping them along their financial wellness journey.We asked financial institutions globally what they believed the customer desires and the benefits they expect from delivering an improved engagement experience.As can be seen,there is alignment between what customers desire and what financial instit

113、utions believe should be delivered.Source:Maximizing Digital Banking Engagement August 2022 Qorus&Infosys FinacleChart 8:Benefits Financial Institution Executives Believe Customers WantPlease rank the key benefits you believe are sought by customers.8%59%33%Ease&simplicity of opening accounts,applyi

114、ng for loans and using services16%46%38%Low fees and charges18%46%36%24/7 digital access contemporary and emerging channels17%41%42%Ease and simplicity of opening/competitive interest rates18%30%52%Data security,privacy and fraud protection31%22%47%Personalized/predictive advice and recommendations2

115、6%20%54%Broad range of products and services50%15%35%Physical branch accessibility50%11%39%Financial wellness tools63%10%27%Embedded bankingTop 3 ranking Middle ranking Bottom 3 ranking 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.27Maximizing Digital Banking Engagement Source:Maximi

116、zing Digital Banking Engagement August 2022 Qorus&Infosys Finacle31%46%23%Increase customer satisfaction39%45%16%Increase efficiency of serving customer41%39%20%Increase cross-sales effectiveness38%39%23%Provide proactive advice and recommendations based on data and insight51%30%19%Increase number o

117、f customer interactions and engagementsTop 2 ranking Middle ranking Bottom 2 rankingChart 9:Increasing Customer Satisfaction and Improving Efficiency are Top 2 Customer ObjectivesPlease rank your customer-facing objectives for new and existing customers from 1-5.2022 Qorus and EdgeVerve Systems Limi

118、ted.All rights reserved.28Maximizing Digital Banking Engagement7 Ways to Create Customer Engagement at Speed and ScaleTo deliver the experiences customers expect,financial institutions must do more than just invest in technology upgrades.Increasingly,organizations must improve back-office execution

119、that allows for business efficiency,customer experience improvement,and value creation.In other words,the focus on the customer requires starting from within the organization as opposed to simply providing a sleek app.When deployed in conjunction with improved back-office automation,the combination

120、of customer data and artificial intelligence(AI)can create new opportunities for personalization at scale.Unfortu-nately,as financial marketers and customer service teams turn to data-driven systems to gain deeper insights,automate decision-making and personalize brand experiences,theres often a dis

121、connect between the technologys potential and what it delivers.This speed to market must improve.Here are 7 proven ways to improve customer engagement at speed and scale:1.Start Small.The best approach to delivering personalized experiences is to start small and stay focused with your data and AI im

122、plementation.Collecting and analyzing customer data is only a starting point.You also need to develop content and strategies that match the customer at the key point of their journey in a personal and contextually relevant way.2.Believe in Bots.Compared to the chatbots of yesterday,todays bots use n

123、atural language processing to translate requests to intent and AI-enabled knowledge to converse more naturally.This creates better conversations and more powerful conversational intelligence.3.Move from Transaction to Engagement.To understand the solution that should be offered is not enough.You nee

124、d to understand how,when and where a customer prefers to engage.You need to leverage the desired mix of digital and physical channels that the customer prefers and the communication channels that will reach customers to drive engagement(web,email,mobile,social media,SMS text,etc.).4.Understand the C

125、ustomers Destination.To provide the tools needed to help your customer meet their financial goals,you need to understand their desired destination and the path they prefer to take to get there.Similar to a GPS system,you need to help the customer reach their destination with the least amount of deto

126、urs and friction along the journey.5.Deploy Insights Across the Organization.The potential of data and AI is reached when organizations move beyond creating great reports to delivering exceptional experiences.This can only be achieved when the data and insights are shared across the entire organizat

127、ion,assisting all departments with enhanced customer engagement and improved innovation.2022 Qorus and EdgeVerve Systems Limited.All rights reserved.29Maximizing Digital Banking Engagement6.Deliver Instant Gratification.More than ever,financial institutions must leverage technology,data and analytic

128、s,and cloud solutions to deliver insights with speed and accuracy.This requires the real-time processing of data to deliver instant engagement using the right channel(s)seamlessly.7.Illustrate Empathy.Customers want you to know them,understand them and reward them with solutions that meet their uniq

129、ue needs.This requires that the design and implementation of AI consider empathy across all channels.While some of the listening and understanding skills can be automated,organizations must help agents create empathetic engagements that lead to brand loyalty and share of wallet.Adding Value Across t

130、he Entire Customer JourneyDifferentiating based on technological capabilities is becoming more difficult as digital tools increasingly look the same.The key is to find a way to create a unique identity and brand value on the internet.As shown in the J.D.Power research,financial institutions must go

131、beyond the basics of digital convenience to create increasingly better engagement opportunities.Banks and credit unions must predict customer needs,deliver proactive and personalized solutions,and add value at each step of the customer journey.All this must be achieved with hyper-personalized produc

132、ts and seamless interactions that are supported by a streamlined back-office.Digital-centric customers should not be ranking financial institutions lower than branch-dependent customers.As stated in an article in the MIT Sloan Management Review,“By mining every touch point;aggregating structured dat

133、a from customer profiles along with unstructured data from phone and chat logs,emails,and snail mail;and analyzing larger-scale patterns of customer behavior,its possible to create a level of personalization that would have been impossible to achieve in the offline world.”The power of data and insig

134、ht for delivering personalized engagement has increased exponentially,changing the dynamics of brand advocacy forever.2Core Capabilities to Succeed in Digital Engagement30 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.31Maximizing Digital Banking EngagementCore Capabilities to Succeed

135、 in Digital Engagement People,Process and TechIt is no longer enough to have an easy-to-use mobile banking app or to have friendly customer care professionals to answer questions or handle complaints.Todays consumer expects their bank or credit union to anticipate their needs,provide intuitive engag

136、ement and improve their financial health.The positive impact of a good customer experience is undisputed.In fact,companies that invest in im-proving customer experiences outperform those who dont across multiple metrics.The challenge is that the expectations of consumers have increased exponentially

137、 in the past several years.Beyond simply avoiding errors and enabling fast and easy transactions,consumers expect their bank to use data and insights to help them save time and money and improve their financial well-being.Unfortunately,financial institutions are not meeting these increased expectati

138、ons.As the demand for digital engagement continues to increase,most banks and credit unions are missing opportunities to build deeper relationships because of slow deployment of automation and modern technology,and the lack of leveraging customer insights to partner with customers for a better finan

139、cial future.Bottom line,customers want financial services that are easy,transparent,intuitive,and empathic to their personalized needs.Across the entire customer journey.Missing this opportunity will negatively impact customer interactions and will open the door to alternative financial providers.Pe

140、ople:Augmenting the Workforce for Better EngagementsTalent is among a banks strongest competitive advantages.Banks need to continually refresh the skills of their workforce to maintain the talent pipeline and differentiate their organization in the market.A contemporary skillset can be built by deve

141、loping multidisciplinary skills,providing on-demand contex-tual learning and creating an agile workforce model.The first calls for setting up a strong multidisciplinary skilling program,mapping competency across functions to identify skill gaps,and closing those gaps with the help of tools,technolog

142、ical enablers and learning platforms.On-demand contextual learning will keep the workforce up to date with new knowledge.Along with enabling the workforce with multidisciplinary skills and providing contextual on-demand learning platforms,banks must also pursue an agile workforce model to address bo

143、th under-staffing and over-staffing challenges,and restrict the use of expensive temporary workers to cases of genuine need.Technology for a Blended WorkforceThe future of banking operations envisages technology as a major component of the workforce.So far,most banks have augmented their human capit

144、al with technology enablers in piecemeal fashion.To capitalize on the new opportunities of human-technology coexistence and amplify the outcomes,banks should prioritize workplace and work digitization at scale,empowerment of employees with insights,and creation of business process synergies between

145、humans and machines.2022 Qorus and EdgeVerve Systems Limited.All rights reserved.32Maximizing Digital Banking EngagementThe disruptive technologies will drive multiple use cases improve the workforce productivity,foster human creativity,amplify human expertise,aid problem solving&logical reasoning,r

146、educe the human biases,create self-help avenues for both business users as well as customers,draw insights into key busi-ness processes and customer behavior,drive agility into business processes with real-time information.As operations staff,client relationship managers move away from“non-core”admi

147、nistrative,repetitive,and automatable tasks,they will don a more modern role one of a specialist and sometimes that of a strategic advisor.Analytics and insights will equip them to derive better insights about clients,and predict their unique needs and desires,preferred engagement channels,affinity

148、to specific services.It will help redefine operations,and better serve the client needs.Analytics will also enable operations managers to know more about the processes,its performance,and redefine the KPIs of staff who execute them.Business processes will need to be calibrated for the new order,wher

149、e humans and machines will co-exist.Where a symbiotic relationship is established between the two.Goals and purposes will define the right interfacing between the humans and machines,and jobs and roles will need to be re-examined.The digital maturity path of the organization will determine the right

150、 balance between customer experiences,and workforce needs.And as regulatory frameworks continually evolve.It will reinforce the responsible use of technology and banks will need to respond appropriately.Culture Reset for New PropositionsUnless banks have a culture that supports their new business mo

151、dels,they will likely produce disappointing results.Whats more,cultural change should be continuous and ongoing.This reset will become central to banking operations when the banks top managements lead with purpose and vision and there is a strong focus on open,collaborative innovation.Leaders should

152、 be proactive in shaping and measuring culture,approaching it with the same rigor and discipline with which they tackle business transformations.Their vision must include both inside-out and outside-in views to identify the key themes in the culture transformation matrix and maintain focus on both e

153、xternal and internal stakeholders.Knowing that a culture reset entails risks,leaders must encourage experimentation and clarify how much deviation in outcomes is acceptable.They should also set up a governance framework to monitor and control the situation.Leaders must lead by example,encourage the

154、sharing of best practices for making cultural change a matter of identity and participation,and inspire adoption.Successful culture change programs put people at the center.When the reset aims at creating an innovation-focused culture,the participation,commitment and understanding of all stakeholder

155、s becomes paramount.As job roles change,and shared services models emerge,the culture must become more open,collaborative,and cross-functional to be truly effective.This requires creating the flexibility within functional units to drive sustainability and cross-pollination of cultural tenets.Here,th

156、e banks innovation leaders should focus on making collaboration central to team effort and on driving home the message that when small efforts are pooled together,they can produce big outcomes.They must also ensure there is a common access platform for all the stakeholders to understand the new code

157、 of conduct,and the behavioral shifts required for adhering to common minimum standards amid new cultural alignments.Last but not least,they should institute a review and Maximizing Digital Banking Engagement 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.33feedback mechanism as well a

158、s a system to recognize employees who embrace and advocate the culture change.Building Brand AdvocacyThe power of personalization and contextual engagement creates relationship and referral value over time.If a financial institution creates alerts,recommendations,and content that the customer finds

159、valu-able in improving their financial wellness,the overall relationship will be enhanced.In addition,the more customers that consume(or potentially subscribe to)an organizations content,the more likely the content will be shared with others.This not only creates the potential for new referral busin

160、ess,but current customers will be less likely to switch to a competitors platform,where they will need to rebuild relationship influence.The goal of personalized engagement(vs.a transactional relationship)is to create a process where a financial institution uses empathetic communication to increase

161、influence over customers as they increase interactions.Relationships Beyond TransactionsOver the past several years,competition has emerged from fintech firms to big tech organizations,as well as non-financial institutions that offer financial services.Consumers have many more choices of financial i

162、nstitution partners than ever and have become more likely to diversify their relationships across a wide variety of providers.To build stronger relationships beyond the transaction,financial institutions must ensure that customers have a reason to keep engaging repeatedly over extended periods of ti

163、me.In a digital world this can be achieved by adding higher levels of personalization,contextualization,and proactive recommen-dations on top of the traditional transaction and product-focused model.Process:Moving Towards a Holistic Model of EngagementSimilar to digital banking transformation,the fo

164、undation of a holistic model of engagement involves people,processes,and technology.More importantly,top management must embrace the changes in legacy business models that are necessary to achieve success.2022 Qorus and EdgeVerve Systems Limited.All rights reserved.34Maximizing Digital Banking Engag

165、ementBeyond investing in modern technology,financial institutions must provide the back-office automation and organization-wide deployment of insights to move from a product-focus to customer-focus mindset.Sharing insights across the organization can help provide employees the ability to recognize c

166、ustomers and cater to their interactions based on preference and prior behavior.With people,processes,and technology at the center of the engagement model,the ability to sell,on-board,converse,and serve will be greatly enhanced.This is because of the shift from a product-push to a solution-pull comm

167、unications plan.This plan leverages real-time insights and recommendations as well as easily accessible content to drive interactions.Finally,to support the improvement of interactions across all current and future product lines,there needs to be the seamless integration of engagement across all cha

168、nnels and platforms.As competition increases,the financial institutions that focus on more than transactions and active usage strengthening the impact of engagement will win.Chart 10:Improved Customer Engagement Requires a Holistic ModelSource:Developed by Finacle August 2022 Qorus&Infosys Finacle E

169、nhancing core capabilities Empowering deeper engagements across customer life cycle Engagement across channels Alignment of customer well-beingThe Golden Engagement CircleSave Better Pay Better Invest Better Borrow Better Insure Better Traditional Contemporary Emerging Open Banking Onboard Converse

170、Serve Self People Process TechPeople Process TechEngage BetterElevating Customer Engagement At Each Step of the JourneyA seamless onboarding process that is in sync with customer comfort and convenience(in terms of pace,channel,and device)is key for a happy customer.Since each customer comes with th

171、eir own expectations and understanding,the process of account origination must be as flexible and adaptive as possible.In addition to being highly customer centric it must be digital-first with self-service options,it must facilitate the end-customer understanding of prod-ucts,and it must offer genu

172、ine assistance when required.2022 Qorus and EdgeVerve Systems Limited.All rights reserved.35Maximizing Digital Banking EngagementThere are three key aspects to ensuring a flawless onboarding process,according to Finacle.1.Empower customers to choose wisely with an extensive set of financial tools.2.

173、Simplify customer-led product design combined with user-centric journeys.3.Provide frictionless digital customer onboarding process.The ability to converse effectively is defined by the contextual and personalized interactions across the entire customer relationship lifecycle right from marketing to

174、 customer acquisition,to ser-vicing to up-selling.So banks need to learn deeply from all the unique customer attributes across touch-points.Advanced technologies like deep analytics and machine learning can enable banks to know custom-ers intimately,understand their priorities,ascertain their prefer

175、ences,and achieve customization at scale.Adaptive solutions can help learn from subsequent customer actions and transactions and ease the banking process for customers to manage their finances better.According to Finacle,the journey to Converse better at population scale involves three steps.1.Genui

176、nely knowing your customer,including demographics and relationships to life-stage events and preferences.2.Analyze the customer in real-time,to effectively create personalized and human-centric interactions.3.Map customer intent to recommended products and provide smart educational nudges.Customers

177、expect banking services to be available at their fingertips at any time of the day or night,on a channel of their choice.Superior service is ensuring a comprehensive range of consistent and personalized banking experiences which are delivered at speed across digital and physical channels.Customers s

178、eek a large bouquet of services whether delivered through in-house or through ecosystem partners.Given the rapidly changing nature of customer channel preferences,banks need to constant-ly assess the various ways customers interact with a bank to create a cost-effective combination that is adapted t

179、o the banks customer base and market strategies.According to Finacle,there are three steps to ensure banks can drive meaningful empowerment of banking services across channels with convenience,access,and speed.1.Convenient,anytime,anywhere,any channel banking availability.2.Continuous non-stop acces

180、s to bank account for better engagement.3.Delivery of contextual engagement at speed.Leveraging the existing relationship to send relevant offers at the right time and through the right channel is key to strengthening the customer relationship and drive greater sales.At the same time,badly timed or

181、irrelevant offers,result in alienated customers and poor conversion.Therefore,the ability to sell smartly is of utmost importance.The role of technology at the interface between the bank and its customers has emerged as being even more important today.With the sales and marketing engine playing a ke

182、y role in cross-sell and up-sell with remote banking.Maximizing Digital Banking Engagement 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.36Customers want to be treated as unique individuals,expecting banks to know their context,preferences,and purchase history.The information data ove

183、rload in the outside world,demands that every communication be personalized and contextualized for the segment of one.Using various decision points and creating the right journey,automated nudges through a good marketing automation system can prompt customers to take the right actions at the right t

184、ime,for their financial well-being.The three steps to enable banks to help customers discover products and offers include:1.Target customers better,at the right time,per their buyer-persona and behavior to create a segment of one.2.Personalize products,services,content,and engagement across the cust

185、omer journey.3.Allow customers to discover,sign-up and consume products and offers across the channels of their choice.Technology:Automation and Modern Technology RequiredMore than ever,automation and the use of modern technology will differentiate the winners from the also rans.Automation and moder

186、n technologies can improve both the speed and accuracy of back-office processes and transactions as well as provide the easy and transparent digital experiences that customers want.The focus should be on the customer experience(as opposed to simply cost-reduction efficiencies)and should be approache

187、d from an incremental basis.With automation,financial institutions can also benefit from the ability to create reports that can drive data-driven decisions to avoid inefficiencies in the customer experience.The Power of PartnershipsThe cross-generational shift to digital has reset expectations aroun

188、d the type and depth of engagement that financial institutions must provide to customers.This highlights the importance of collecting the right data,at the right moments to gain insights into customers across the entire customer journey.The move to digital also has greatly increased the amount and t

189、ype of data available to address these 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.37Maximizing Digital Banking Engagementenhanced expectations and the ability to deliver services more efficiently.Organizations must be able to pinpoint when a customer is satisfied or disappointed.Wh

190、en they move part of their relationship to an alternative provider,and when a customer has challenges with a process they want to perform.This requires tracking of all types of interactions,including logins,website engagement,human and chatbot sessions,content views,and competitive engagements.This

191、goes beyond the transactional and relationship tracking that is the foundational component of personalized engagement.To achieve this level of data collection,analysis,and engagement enhancement at speed and scale requires partnerships with third-party solution providers.These outside partners can a

192、ssist with the organization of data,the democratization of insights across an organization,the building of an effec-tive customer engagement process,and leveraging previous partner engagements for generating ROI faster than if an organization was to go it alone.Likewise,creating contextual engagemen

193、ts and continuously fine-tuning the priorities and processes usually requires partnering with specialized third-party providers.This is especially required during a time of economic uncertainty,when the allocation of resources must focus on opportunities with the greatest chances of success.Banks ne

194、ed a strong holistic foundation underpinning their digital engagement strategy.One that will allow for a seamless alignment of people,process,and technology to maximize digital engagements across the customer relationship lifecycle to.Onboard,converse,serve and sell better,driving pur-poseful growth

195、.Aligning people,process and technology will enable banks to drive financial well-being and empow-er customers to save,borrow,pay,insure,and invest better.Your customers today expect the very best from you and better engagement is at the very heart of a superior and differentiated experience.3Custom

196、er Engagement Across Lifecycle38Maximizing Digital Banking Engagement“To retain the business of customers who are increasingly flocking to alternative players,banks must digitally engage them in ways that fulfill their purpose of leading a better financial life.The spirit of contextual engagement an

197、d personalized services must span across the entire lifecycle of the customer across onboarding,converse,sales,and service.”Sanat Rao,CEO,Infosys Finacle:Customer Engagement Across LifecycleThe relationship between you and your customers extends beyond the point of purchase.Your customers expect you

198、 to keep them engaged consistently and contextually.They want a GPS of financial services that will help them reach their financial goals as easily as possible.More than ever,financial institutions must use data,AI,machine learning,and every communication channel available to find,listen to,and inte

199、ract with customers.This must be done from the beginning of the shopping experience throughout the entire customer journey.The goal is to provide value beyond just products and services,displaying empathy for their needs that will strengthen the overall relationship.More than a good customer experie

200、nce,digital banking engagement involves personalized two-way interactions,using data,analytics,and real-time communication at scale.To build and grow loyalty,banks and credit unions must do much more than process transactions Keeping customers engaged with the brand regularly.According to Gallup,ret

201、ail banking customers who are fully engaged bring 37%more annual revenue to their primary bank than do customers who are actively disengaged.Fully engaged banking customers also have more products with their bank,from checking and savings accounts to mortgages and auto loans.Finally,they also have h

202、igher deposit balances in their accounts than less engaged customers with the same products.According to one research study,using data and analytics to understand customer needs and expectations is a tactic that 81%of executives say is critical for growing profits but fewer than 25%believe their com

203、pany uses it effectively.2022 Qorus and EdgeVerve Systems Limited.All rights reserved.39 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.40Maximizing Digital Banking EngagementIn addition,according to the Zendesk Customer Experience Trends Report 2020,70%of businesses are not meeting cu

204、stomer expectations and over 80%of customers will churn after a bad customer experience so there is a ton of pressure to succeed And right away.To succeed,customer engagement must be focused on value for the customer first and the business second.This can be achieved with the following strategies:Li

205、sten to your customers.More than ever,there is a need to not only listen,but to provide solu-tions that bring value that is timely,relevant,and easy to act on.Use your customers channel(s)of choice.You must provide the opportunity for your customer to have a seamless conversation with you on the cha

206、nnel(s)they are most comfortable with.That may go beyond channels like email,phone,chat,and text,to include social media.Empower customers to self-serve.Customers often prefer to help themselves with digital assis-tance.This is both faster for your customers and more efficient for your service agent

207、s.Leverage AI integration.Engagement,supplemented by AI,allows financial institutions to automate some interactions,augment others with a human,and leverage insights to contextualize communication.Be authentic and empathetic.How does your organization avoid sounding inauthentic?Out-standing service

208、and engagement must be centered on the customers need for financial wellness as opposed to a banks or credit unions desire for product sales.Create a cadence of consistency.Keep the dialogue with your customers ongoing and the mes-sage consistent.Inspiring customers to be evangelists of your brand.B

209、uild on small victories.Now.It is often better to create small,repeatable wins for the cus-tomer today,than to spend years developing much larger initiatives that may miss the mark.Take action now and build on early wins.Seek scalability.Personalization can only work if it is scalable.Consider custo

210、mer engagement software that can manage,analyze,and optimize the customer journey across multiple devices and platforms.According to Zendesk,“Customers want to be treated as individuals,meaning they expect companies to know their preferences and purchase history.To do that,companies need to be able

211、to harness their customer interactions across platforms and turn that data into actionable insights.Better digital customer engagement leads to more customer data and better customer experiences,which can lead to higher profits.”Current State of Customer Engagement in BankingMost financial instituti

212、ons are playing a game of catch up,trying to meet current and future customer needs using yesterdays technology.As customers have changed their expectation of service and engagement,banks and credit unions must find ways to deliver unique,personalized,and contextual journeys.This requires a shift fr

213、om a traditional product-centric approach to a customer-centric approach that focuses on intelligent customer engagement.Done well,the result will be the ability to capture new growth opportunities by delivering greater value for customers now and in the future.2022 Qorus and EdgeVerve Systems Limit

214、ed.All rights reserved.41Maximizing Digital Banking EngagementDespite good intentions,however,most financial institutions fall short of engagement success beyond the basic customer service interaction level.Key areas of concern include easy relationship opening and onboarding,the offering of financi

215、al wellness tools,proactively providing advice and offers,and the empowerment of employees with analytics to help customers.SERVICE-We offer access to digital self-service and human customer service options.5%10%33%48%3%ONBOARD-We simplify product selection,application completion and origination.10%

216、20%38%26%5%PARTNER-We offer an array of value-added financial wellness tools,content and solutions.6%9%10%25%29%21%ACQUIRE-We maximize digital outreach and sales,with limited new account abandonment.8%11%25%38%15%3%EXPAND-We empower our employees with real-time insights to expand customer relationsh

217、ips.11%16%30%26%13%4%ENGAGE-We proactively provide advice and recommendations based on data and customer insight.11%16%30%26%14%3%Successfully deployed at scale Partially deployed Limited deploymentTo be deployed in 6-8 months On roadmap to consider in next 18 months No plans at this time Chart 1 1:

218、Engagement Success Across Customer JourneyHow would you rate the success of your bank in engaging across the entire customer journey?Source:Maximizing Digital Banking Engagement August 2022 Qorus&Infosys FinacleThese challenges are reflected in the self-reported ratings financial institutions provid

219、ed relative to their customer engagement maturity.Except for offering some level of personal financial management(PFM)tools,and account aggregation capabilities,the engagement maturity level of financial institutions across all asset sizes and regions is extraordinarily low.In fact,less than 10%of a

220、ll organizations can provide personalized financial recommendations,automated actions based on transactions,or lifestyle-related offerings using open API technology.2022 Qorus and EdgeVerve Systems Limited.All rights reserved.42Maximizing Digital Banking Engagement Chart 12:Customer Engagement Matur

221、ity Remains Low at Most Financial InstitutionsWhat is your organizations status in deploying below use cases to have deeper engagements with customers?Source:Maximizing Digital Engagement August 2022 Qorus&Infosys Finacle Successfully deployed at scale Partially deployed Limited deployment Deploy in

222、 6-18 months On roadmap to consider in next 18 months No plans at this timePersonal Financial Management(PFM)or budgeting tools10%16%15%16%23%20%Account aggregation,including third-party accounts17%13%1 1%18%24%17%Integration with accounting or other third-party applications22%12%10%21%22%13%Persona

223、l relationship-based pricing25%15%1 1%21%18%10%Personalized recommendations for better financial management10%15%22%22%22%9%Automated actions based on transaction patterns18%19%21%19%15%8%Lifestyle offerings through ecosystem partners32%13%12%23%13%7%Banking Must Increase use of Engagement Strategie

224、s Despite the self-reported lack of maturity around customer engagement,financial institutions of all sizes are testing all forms of customer interactions.The challenge for most organizations is doing the type of engagement required at scale.To deliver this level of engagement,most financial institu

225、tions need to invest in updating existing technology and architecture.In other research conducted by the Digital Banking Report,we find that when personalization,2022 Qorus and EdgeVerve Systems Limited.All rights reserved.43Maximizing Digital Banking EngagementBuilding a Future-Ready Engagement Str

226、ategyTo move beyond delivering positive experiences,to engaging with customers in real-time on a value-added basis,will require an investment in modern technology,a data-driven analytical culture,and a focus on serving customer needs with proactive solutions.Personalization and contextual engagement

227、 are the starting points.Viewing customer relationships in an empathetic way with a focus on financial wellness must be the ultimate mission.Done well,loyalty will increase and relationships will expand.multichannel communication,and marketing automation are done,it is often rudimentary at best.More

228、 advanced applications(proactive recommendations and human augmented engagement)are often impossible to deploy.Offer delivery across traditional,contemporary and emerging channels59%Personalized campaigns and communications71%Marketing automation54%Enterprise customer data management41%Proactive adv

229、ice and recommendations39%Data-driven micro-segmentation34%18%Human augmented sales leveraging AI and machine learning recommendationsChart 13:Engagement Strategies used by Financial InstitutionsWhich of the below does your company use to ensure smart cross-sell or up-sell to its customers digitally

230、?Indicate all that apply.Source:Maximizing Digital Banking Engagement August 2022 Qorus&Infosys Finacle 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.44Maximizing Digital Banking Engagement Chart 14:Digital Account Opening and Onboarding MaturityWhat stageis your organization at with

231、the following components of new customer account opening and onboarding?Successfully deployed at scale Partially deployed Limited deploymentDeployed in 6-8 months On roadmap to consider in next 18 monthsNo plans at this timeSource:Maximizing Digital Banking Engagement August 2022 Qorus&Infosys Finac

232、leDigital signature and document capture8%10%15%33%34%Real-time customer ID creation13%12%12%20%18%25%Automated decisioning10%13%14%22%25%16%Voice or digital assistant support22%18%14%1 1%20%15%Instant relationship expansion recommendations13%18%19%23%16%1 1%Pre-purchase product comparison and simul

233、ation tools27%16%1 1%20%17%9%Product personalization across customer journey1 1%19%23%20%19%8%End-to-end digital account opening within 3 minutes14%20%18%26%18%4%Maximizing Digital Banking Engagement4Use of Data and Analytics to Achieve Results45Maximizing Digital Banking Engagement 2022 Qorus and E

234、dgeVerve Systems Limited.All rights reserved.46Use of Data and Analytics to Achieve ResultsAt a time when consumers expect more personalized engagement,the banking industry is failing to leverage data-driven analytics to attract customers,support engagement,and build loyalty.To become future-ready,f

235、inancial institutions must move from a transactional focus to creating contextual engagement across the entire customer journey.Massive changes in consumer behavior occurred during the pandemic and we are not likely to revert to the old normal.This includes a major reduction in branch visits and a g

236、reater reliance on digital interactions across the entire customer journey.In response to these changes,financial institutions must move beyond making banking faster and easier,to building new ways to engage with customers experientially.Humanizing the digital experience requires the combination of

237、data,analytics,and modern technologies to offer a level of personalized engagement that can exceed what was previously possible in a branch.From real-time customer support to proactive recommendations that enhance the potential for financial wellness,this level of engagement will separate the winnin

238、g financial institutions from those who are simply meeting basic transactional needs.Banks must combine data,analytics and modern technologies to understand the customer journey and achieve optimal engagement.2022 Qorus and EdgeVerve Systems Limited.All rights reserved.47Maximizing Digital Banking E

239、ngagementAt a time when in-person experiences can be inconsistent at best,and disappointing to the customer far too often,well supported digital engagement can provide a high level of consistency as well as humanized support.Customers Demanding Greater EngagementFinancial institutions can no longer

240、depend on traditional customer satisfaction surveys as the way to gauge whether a customer will remain loyal.Most satisfaction surveys use outdated metrics,giving banks and credit unions a false sense of success and security.Customers want financial institutions to invest in their relationship,not j

241、ust their transactions.Rather than asking about branch experiences or transactional ease,organizations must ask whether a customers personalized needs are being fulfilled and whether their financial institution has their best interests in mind.This includes engaging post-purchase and offering person

242、alized content that the cus-tomer can access at their convenience.To achieve this level of engagement,financial institutions must combine data,analytics,and technolo-gies to understand the customer journey and deliver the type of interaction that will drive trust,loyalty,and growth.More than ever,co

243、nsumers dont just want personalization,they are demanding it.Customers want their financial institutions to provide personalized experiences that are rewarding,emotionally connected,and integrated with their lifestyle.Unfortunately,most customers say their banking relationships are neither emotional

244、ly connected nor well-integrated into their lifestyles.Chart 15:Most Banks Not Ready for New Digital Banking RealitiesSource:Finacle August 2022 Qorus&Infosys FinacleChannel SilosInconsistent customer journeysMultiple Technology StacksHigh total cost of ownership and maintenanceClosed IT SystemsHind

245、ering open banking shiftsNot Ready for Cloud AdoptionHindering speed of innovation and increase TCOLow AutomationHigher cost of operationsData and Analytical FrictionInability to anticipate cus-tomer needs 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.48Maximizing Digital Banking Enga

246、gementMany customers complain that they are not receiving seamless experiences across all channels,value for the money,or innovation that keeps pace with other digital relationships.Banks Must Leverage Power of Personalization and EngagementMcKinsey found that companies that excel at personalization

247、 generate 40%more revenue from those activities than average players across all industries.Organizations that are leaders in personaliza-tion differentiate by creating customized recommendations,reaching the right individual at the right time,with the right engagement communication.Seventy-two perce

248、nt of consumers expect the businesses they buy from to recognize them as individu-als and know their interests.Transactions and ongoing engagement have a significant positive impact.“Recurring interactions create more data,allowing for even more relevant engagement over time creating a flywheel effe

249、ct that generates strong,long-term customer lifetime value and loyalty,”states McKinsey.Personalization Must Extend Beyond Marketing:Rather than focus solely on short-term marketing wins,financial institutions must look for long-term drivers of growth and emphasize customer lifetime value.Unfortunat

250、ely,most financial institutions are challenged to build a strong engagement model across the entire customer lifecycle.The overwhelming majority of organizations are negatively impacted by outdated legacy systems and core banking platforms.Similarly,the lack of data maturity hinders customer lifecyc

251、le process improvements.According to our research,the result is an inability to deploy data insights across the organization for the benefit of the customer.Less than 30%of organizations surveyed consider themselves successful in delivering prescriptive,predictive,or descriptive customer support.Rou

252、ghly one-third of organizations are working towards these goals but have not yet determined the success of initiatives undertaken.Roughly a quarter of institutions globally do not have the delivery of insight-driven personalization and engagement even in their plans.2022 Qorus and EdgeVerve Systems

253、Limited.All rights reserved.49Maximizing Digital Banking Engagement Chart 16:Application of Data Insights Still Low at Most Financial InstitutionsHow well does your organization apply data insights?Source:Maximizing Digital Banking Engagement August 2022 Qorus&Infosys Finacle Very successful Somewha

254、t successful In progress,success not yet determined Somewhat unsuccessful Very unsuccessful Not yet in plansPRESCRIPTIVE insights that nudge customers along a recommended path of action(balance cash flow,re-balance portfolio,cut discretionary expenses,move surplus money for better returns,etc.PREDIC

255、TIVE insights that present what is likely to happen,such as cash flow crunch or potential penalty for tax non-complianceDESCRIPTIVE insights that inform customers about the happenings in their financial livesDIAGNOSTIC insights that explain the reasons for the above(for example you saved less becaus

256、e you spent more on entertainment)27%7%6%33%21%6%28%8%6%33%18%6%22%7%7%35%24%30%6%9%32%18%5%5%To meet the expectations of customers,financial institutions must leverage data and analytics to iden-tify,convert and engage the customer.Without application of insights across the customer lifecycle,finan

257、cial institutions will be relegated to a secondary position compared to new fintech and emerging big tech competitors.Invest in Future-Ready Data InfrastructureBanks and credit unions have vast amounts of internal and external data at their disposal,from transaction and demographic data to locationa

258、l,behavioral,lifestyle and social data.Despite this abundance,most financial institutions struggle to turn data into useful insights.The good news is that more organizations are aware of the importance of using data and insights for improving the customer experience,decision making,personalization a

259、nd engagement.2022 Qorus and EdgeVerve Systems Limited.All rights reserved.50Maximizing Digital Banking Engagement Greatest importance Moderate importance Lowest importanceImprove customer experience9%39%52%Improve decision making16%43%41%Improved personalization27%42%31%Generate revenues24%48%28%Re

260、duce risk46%36%18%Reduce cost of operation34%51%15%Increase innovation45%40%15%Chart 17:Focus on Data and Insight Use Shifting to Customer Experience ImprovementPlease rankthe importance ofusing data and customer insights at your organization from 1-7.Source:Maximizing Digital Banking Engagement Aug

261、ust 2022 Qorus&Infosys FinacleUnfortunately,banks still have concerns around data reliability,and most say they also lack the resources required to process,analyze and distribute data and insights across the organization.As incumbent banks race to keep pace with nimble fintech organizations,financia

262、l institutions of all sizes must consider leveraging third-party solution providers to convert raw data into valuable insights that can support personalization and engagement initiatives.Third party partnerships can also help to create new offerings that combine traditional bank offerings with non-f

263、inancial lifestyle products and services.Further,partners can help to create embedded banking solutions with non-financial third parties.These new platform models go beyond collecting data for enhanced personalization,by creating new revenue opportunities outside fees and spread.3rd Party Partnershi

264、ps 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.51Maximizing Digital Banking Engagement Chart 18:Majority of Financial Institutions will use 3rd Parties for Data Needs in the Future How will your organization handle increased data and compute needs for machine learningin the future?(

265、Note all that apply)Source:Maximizing Digital Banking Engagement August 2022 Qorus&Infosys Finacle59%Contract with outside provider52%Invest in internal infrastructure30%Rely on public cloud16%Limit AI and machine learning solutions to current infrastructureNo change to current capabilities10%Other3

266、%Responsibility for Customer Engagement Goes Beyond MarketingWhile research would lend to the belief that marketing is expected to own the customer lifecycle and manage each facet of customer engagement,the reality is that building an engagement model across the customer lifecycle requires a cross-o

267、rganizational commitment.Data and insights must be shared to empower all employees to assist with the innovation,product development and customer engagement process.Obviously,this requires the commitment and support from the C-suite.Businesses that succeed in scaling personalization and engagement m

268、ust create teams that cut across marketing,product,analytics,and technology,using a hub-and-spoke approach to reach the customer at the point of interaction.These teams can run hundreds of tests per year,enabled by advanced data analytics and test-and-learn techniques.As can be expected,most financi

269、al institutions and,more specifically CMOs,are still not adequately prepared to move from a product-centric organization to a customer-centric financial institution.There needs to be a cultural shift at most organizations that will support the customer journey from the customers perspective helping

270、the customer improve their financial wellness.Looking across the customer lifecycle,leaders must build a granular view of where there is the most value.They must leverage customer segments and micro segments,and factor in behavioral,transactional,and engagement trends.They must use these insights to

271、 define and quantify their personalization and engage-ment objectives and ground their efforts in customer-centric key performance indicators(KPIs).Financial institutions that can build a strong personalization and engagement model at scale will be rewarded with increased sales,improved loyalty,enha

272、nced revenue growth,and a flywheel impact that will position the organization on an enhanced trajectory.5Superior Channel Engagement 52 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.53Maximizing Digital Banking EngagementMaximizing Digital Banking EngagementSuperior Channel Engagement

273、Should a financial institution transform their current organization into a more agile,responsive institution with a completely new digital foundation,or should banks and credit unions build an entirely new entity outside the parent company?Either option will require a new perspective on the role of

274、digital as part of superior customer engagement.The ability to compete in the future will require new systems,new processes,and a new culture.Banks and credit unions may determine that transforming the entire existing organization to become digital is the way to proceed.Another option is to build a

275、separate organization that would be a network of only a few branches or a completely branchless offering Separate from the legacy organization.Even if a bank or credit union decides to stay the course,the future will require differentiation defined by customer experience and innovative offerings lik

276、e what are being provided by fintech and big tech organizations.The focus cant be on cost savings alone since digital options have focused on improv-ing the consumer experience and delivering solutions proactively and in real time.Whichever structure is decided upon,financial institutions must make

277、it far more efficient to acquire new customers,leveraging new consumer insights and modern digital technologies.This will result in an improvement in return on marketing investment,with stronger loyalty based on experience and improved digital delivery post-sale.Digital channel bank transformation i

278、s necessary regardless of the economic environment.When the economy is good,banks have more time to make the transition.The current landscape of falling rates,the threat of recession and customer adoption of digital banking,are forcing banks to address the issue now.Becoming a Digital Bank in an Une

279、asy Economic EnvironmentWere at an inflection point in terms of consumers,where the network scale and network density,which used to be a competitive advantage for most banks,is becoming a bit of an albatross.The challenge is that legacy financial institutions are competing against neobanks and other

280、 fintech players who are built and deliver services on digital foundations.This is pushing financial institutions to make radical decisions about how they think about their highest cost infrastructure Which is their distribution networks.It also makes organizations rethink delivery from a customer e

281、ngagement perspective.Structural transformation is going to be needed whether margins improve or whether margins decline.Were dealing with essentially a secular change in the industry where the relevance of the core of the bank depends entirely on an organizations ability to get customers to want to

282、 do business with you.No matter what happens,the way in which consumers are going to make decisions and how theyre going to choose their banks is changing dramatically.The biggest shift for most banks is that the utility play of banking is dying.The model of being all things 2022 Qorus and EdgeVerve

283、 Systems Limited.All rights reserved.54Maximizing Digital Banking Engagementto all people,where you build a branch and whoever happens to live in the area will bank with them no longer works.As things become digital,knowing who you want to serve,and then determining what is the right way to serve th

284、em is the right answer for your bank.There are different models.If you want to make a challenger bank play because you want to serve young,affluent customers who dont care about branches anymore versus if youre a community bank with a strong local franchise.If you want to stay local,maybe spending a

285、ll your money on digital is a bad idea Because your most important customers are all near you in your local community footprint and you need to focus on them.Banks and credit unions need to know who their customers are and what theyre trying to do for those customers.Then,based on that,they can then

286、 make a whole series of decisions around what sort of strategy makes the most sense to their organization.Successfully deployed at scale Partially deployed Limited deployment Deploy in 6-18 months On roadmap to consider in next 18 months No plans at this time Chart 19:Digital Transformation Maturity

287、 Lacking with Emerging ChannelsPlease indicate your organizations digital transformation maturity across the below channels.Source:Maximizing Digital Banking Engagement August 2022 Qorus&Infosys FinacleTransformative(Open banking,embedded)Emerging(Chatbots)Transformative(Voice device)Contemporary(On

288、line,mobile etc.)Futuristic(AR,VR,MR)Traditional(Branch,ATM.)29%24%16%10%12%9%11%18%19%19%24%9%29%21%15%14%13%8%9%24%62%3%54%21%9%7%6%3%14%24%53%3%4%Maximizing Digital Banking Engagement 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.55Building a Better Digital Banking ModelThe operati

289、ng model for financial institutions,especially regarding distribution,must change to serve digitally empowered consumers.Financial institutions must transform their current operating model in four ways to add significant value for their customers and add significant value for their brands:1.Create a

290、 high-touch,fully integrated consumer experience supporting physical and digital sales and service.Enable consumers to use whatever physical channel or digital device they prefer to transact with you whenever and wherever they please is the key to an omnichannel experience.2.Empower consumers with d

291、igital tools and content to make a personalized product and service selection and sales fulfilment possible Thus enabling consumers to take control of their financial decisions.3.Empower front-line employees with cross-channel,real-time customer insight and intelligence to support both sales and ser

292、vice needs Dramatically increasing employees productivity.4.Garner commitment and mandate from upper management and boards in support of the above changes,both financially and emotionally,which must extend throughout the entire organization.Creating Engagement SuccessBuilding a digital-first consume

293、r delivery model that establishes an intuitive sales and service experience map for all core products and services(including well-defined service-level agreements and performance metrics)is the foundation for tomorrows future-ready bank.The process of mapping out the customer experience will capture

294、 the required variations in sales and service delivery by customer segments and by channel.Once customers qualitative and quantitative intra-and cross-channel experiences are mapped by segments and needs and validated,then begins the development of a detailed integration and alignment plan addressin

295、g:Cross-channel technology platforms Sales and service processes Employee goal setting and incentives Training and education Real-time MIS and advanced analytics 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.56Maximizing Digital Banking Engagement Chart 20:Channel Success in Acquiring

296、 New CustomersPlease indicate the current level of success inusing the followingchannels for acquiring customers.Extremely or very successful Successful Somewhat or not successful56%19%25%Direct 1:1 Sales52%18%30%Branch33%33%34%Digital Marketing 26%43%31%3rd Party Partnerships23%50%27%Emails20%46%34

297、%Phones17%57%26%Social Media 17%54%29%Direct Mail21%58%21%Text/SMSEmpowering Customers and EmployeesConsumers,by nature,like to be in control of their financial transactions.Financial institutions can reinforce consumers feeling of control by empowering them through ubiquitous access to multiple cha

298、nnels and access to an effective set of tools,calculators,and personalized content.Depending on the complexity and nature of the transaction,sales agents at restructured branches or call centers can assist in the educating,advising,and supporting of consumers in real time enabling better financial d

299、ecisions.Empowering front-line employees with digital tools will also significantly affect productivity.When front-line employees are empowered with consumer insight and intelligence through digital devices in a physical location,they can be incredibly effective and productive in serving customers w

300、ho often start,stop,reactivate,and complete sales or service transactions using multiple channels.Source:Maximizing Digital Banking Engagement August 2022 Qorus&Infosys FinacleMaximizing Digital Banking EngagementDigital tools and access to insight also allows customer-facing branch employees,regard

301、less of their physical location,a real-time,ubiquitous access to customers sales or service journey across all channels,helping employees to educate,advice and support customers to a successful,complete transaction.Leadership Commitment to Improved Channel ExperiencesTransforming the current operati

302、ng model requires an unequivocal commitment and mandate from key business leaders throughout the organization.There are two components to this transformation:cultural and operational.It requires a complete change in employees mindset and the way employees interact with customers,and the way front-li

303、ne employees interact with other front-line employees across all channels.It also requires an adjustment in how front-line employees interact with back-end employees to support the new operating environment.This is a journey and not a single event.There will be significant ups and downs as front-lin

304、e and back-line employees learn how to serve customers through multiple channels in real time.Organizational agility,adaptability,and speed to change are prerequisite for long-term success.Changing to an integrated,sales and service model requires significant organizational,operational,and financial

305、 investment.But the ROI can also be significant.The positive impacts include:Increase in multi-channel digital sales Increase in second product sales Increase in sales through real-time smart lead management Reduction in call volume to call centersConsumers are changing their behavior,aggressively a

306、dapting digital technology,and making greater use of multiple channels,which requires a new,integrated way to interact with customers and employees.Evolving the current branch-focused operating model into a new omnichannel model will reinvigorate the way financial institutions and their branches ser

307、ve consumers and grow business.2022 Qorus and EdgeVerve Systems Limited.All rights reserved.576Measuring Success58Maximizing Digital Banking EngagementMeasuring SuccessMeasuring customer satisfaction and engagement success is integral to determining the impact of initiatives undertaken.These metrics

308、 can drive future priorities and create new opportunities.Customer satisfaction can also result in new leads and stronger loyalty at a time when many customers are fragmenting their banking relationships.The measurement of customer satisfaction and engagement success provides a correlation between m

309、arketing strategies and customer experiences.As referenced throughout this research report,you need to keep your customers engaged as much as possible,providing a value exchange that is viewed positively.Engaged customers are more likely to overlook minor negative experiences as the trust in your co

310、mpany increases.A customer who believes that you have their best interest in mind is also more likely to pay for your products and services instead of moving business to a competitor,and are more open to your recommendations,offers and marketing messages.According to Gallup,different industries have

311、 different ways to determine the success of their engagement efforts.For a financial institution,it could be new customers acquired or revenue generated.Gallup found that a highly engaged customer generated as much as 37%more annual revenue than a disengaged customer.2022 Qorus and EdgeVerve Systems

312、 Limited.All rights reserved.59 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.60Maximizing Digital Banking Engagement 23%RevenuePremium Customer37%More annual revenueRetail Banking44%More visits per yearConsumer Electronics56%More visits per monthRestaurants/Casual Dining28%More visit

313、s per monthRestaurants/Fast Food46%More visits per monthHospitality22%More new accounts per yearInsuranceChart 21:More Revenue from Highly Engaged CustomersSource:Gallop August 2022 Qorus&Infosys FinacleAlternative Engagement MetricsThere are many ways to measure customer satisfaction and engagement

314、 success.Here is a non-exhaustive assortment of measurement options that you can use to determine if your engagement efforts are bringing value.Each organization may use one or a combination of these measurement tools or use others not referenced.Net Promoter Score(NPS)NPS is used to measure your cu

315、stomers trust in your products/services and their consequent will-ingness to recommend them to others.Churn Rate The churn rate is the number of customers lost during a given period divided by the number of customers at the beginning multiplied by 100%.(Caution:More than ever,customers are less like

316、ly to close an account and more likely to open a new account elsewhere.This can provide a false sense of security around churn rate,even though a customer may have diversified their financial relationship.)Customer Satisfaction Score(CSAT)The Customer Satisfaction score is measured based on customer

317、 satisfaction and overall experience.It indicates the potential to retain customers and their probability of repurchasing products.(Caution:It is important that this measure reflect both digital and in-person satisfaction.Friendliness has less of an impact today than in the past.)Maximizing Digital

318、Banking Engagement Customer Effort Score(CES).With this measure,customers rate your ability to support a transaction easily and your ability to resolve issues that may occur.Engagement Frequency This metric measures how often your customer interacts with your channels(website,mobile device,call cent

319、er,SMS text,social media,etc.).How many customers engage with your channels helps you understand the kind of engagement you are receiving beyond transactions.Engagement Duration Engagement duration measures the amount of time customers spend engaging with content.The better your content is and the m

320、ore your customers consume content,the greater the engagement and your chances of referral business.Customer Journey Mapping This measures users actions on your website and when interacting with content.This includes the amount of time your customers spend on a particular site,clicking and viewing l

321、inks.(Note:This measure is especially important when measuring prospect researching,new account opening and loan application processes.)Voice of Customer Organizations should get regular feedback regarding products,services,brand positioning,etc.Most customers do not complain before they leave or in

322、stitution of move to a competitor.Conversion Rate This measures the percentage of customers involved in completing some actions tied to your company.Abandonment Rate The abandonment rate is the percentage of visitors to your website who exit your site after viewing only one page or without completin

323、g an action.(Note:This is a very important measure to deter-mine the success of new account opening and loan application processes.)Use of Engagement Measurement Tools in BankingThe metrics mentioned can assist in measuring customer engagement.Involving your customers and front-facing employees,aski

324、ng for their reviews,and addressing their concerns are essential steps to building engagement.2022 Qorus and EdgeVerve Systems Limited.All rights reserved.61 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.62Maximizing Digital Banking Engagement PAGE 62Products per customerActive custom

325、er volumes by channelApp ratings and user comments(Bank site)Social Listening(Social Media-user comments,peer recommendations)Customer Satisfaction(CSAT)Net Promoter Score(NPS)Customer engagement site*Customer retention and switch/churn ratesAverage Handling Time(AHT)/Average Time Resolution(ATR)Cus

326、tomer acquisition cost(cost of getting new customer)Customer loyalty(measuring regular purchase)First Response Time(FRT)/First Contact Resolution(FCR)Customer Lifetime Value(CLV)12%21%67%10%26%64%12%27%61%13%26%61%22%19%59%10%35%55%12%33%55%20%26%54%18%37%45%17%40%43%26%38%36%25%48%27%24%70%6%Measur

327、ing communication with brand,time spent on website,#of clicksCurrently use this metric Plan to use this metric No plans to measure at this time Chart 22:Top Metrics Used by Financial Institutions Please select the key customer centric metrics you are using at your organization.Source:Maximizing Digi

328、tal Banking Engagement August 2022 Qorus&Infosys FinacleFinal Thoughts63 2022 Qorus and EdgeVerve Systems Limited.All rights reserved.64Maximizing Digital Banking EngagementFinal Thoughts Moving Towards a Holistic Model of EngagementHistorically,the financial services industry has been transaction o

329、riented placing a premium on cost efficiency and moving customers towards purchasing more products and services.Today,this focus on products and transactions is at odds with creating engagement and loyalty.As more consumers move to digital channels,the ability to meet face-to-face diminishes.This no

330、t only changes the dynamics of customer experiences and engagement,but also the dependence of alter-native channels and the ability to create an in-person selling opportunity.In response,more financial institutions are investing in creating engagement beyond simple transactions.In a digital world,ba

331、nks and credit unions can improve engagement and retention by personalizing the customer experience.Since most customers will only spend a limited time on their mobile banking app,banking website or other traditional channel,it is more important than ever to deliver personal-ized and contextual oppo

332、rtunities that will increase the time of engagement across all channels.Creating engagement based on a customers past transactions,current financial relationship,stated goals,financial wellness,or other behavioral activity will lead to higher levels of interaction,more purchases,greater loyalty,and

333、enhanced lifetime value.In addition,engagement data as well as intended purchase data can create additional insights that can enable the customizing of subsequent interactions based on past engagement Chart 23:Key Trends Driving Customer EngagementSource:Infosys Finacle August 2022 Qorus Infosys FinacleDemanding CustomersIncreasing CompetitionTechnological ChangesChanging RegulationsRising custome